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Big Data: Shifting the Competitive Landscape of Industries
GE and Accenture have recently teamed up in a strategic alliance to jointly address big data problems. In October, a GE/Accenture released a survey of 250 executives investigating how their businesses are using big data and predictive analytics.
Key findings of the joint GE/Accenture report found that:
- 89 percent think that they risk losing market share if they don’t adopt big data analytics
- 93 percent think new competitors to them use big data as a key component of their strategy
- 90 percent say that big data analytics is one of their top three priorities
- 84 percent say that big data analytics will shift the competitive landscape of their industry in the next year
Kristian Steenstrup and Stephen Prentice, both Gartner analysts, said that “few technology areas will have greater potential to improve the financial performance and position of a commercial global enterprise than predictive analytics.”
Bill Ruh, vice president of GE Software, said that “the payoff from joining industrial big data and predictive analytics to benefit from the productivity gains the Industrial Internet has to offer is no longer in doubt. The tally of success for industry is evidenced by the greater visibility and speed-to-decision across operations and asset performance management. But data alone won’t generate value. To make information useful requires an investment in new capabilities and talent that will serve as a catalyst for extracting value quickly.”
